Century City Condominium Market Report for May 2011
As most of my regular readers know I am a firm believer that you have to look at a Real Estate Market Report not just as a snap shot of the previous months activities, but rather as what the Trend is. If we observe and monitor the trend, than we can make educated predictions of activity for the near future of the Real Estate activity in a particular pocket.
Unfortunately there are events that are beyond our control that will impact the local Real Estate activity. Last month there was a slowdown of the growth in the US Economy. A large part can be attributed to the earthquake in Japan, which created a shortage of parts and had a global as well as a local impact.
Then there was a huge rise in the oil prices, which caused consumers to cut back on spending. Even though the oil prices have dropped back to $100 per barrel the damage was done. The slowdown occurred.
Now with that said let us see what the May numbers looked like: There was an increase in the inventory to 287 Active Listings and not surprisingly there was a drop in Accepting Backup offers to 21. Overall not such a drastic drop from 39, as one would have anticipated based on the turbulent events. There was only one in Hold position an indication of shorter approval time for Short sales. Previously they were taking such a long time that one had to put them on Hold Status in the MLS. There was a drop in the Sold category as well from the previous month's 43 to the current one of 26.
So for your convenience I am going to include the previous five month's Condominium Market Reports for Century City /Westwood, CA. This way you can look at the Trends yourself conveniently. (See Below)
http://actvra.in/K6 (Published in January 2011)
http://actvra.in/52T (Published in February 2011)
http://actvra.in/6gq (Published in March 2011)
http://actvra.in/82D (Published in April 2011)
http://actvra.in/9kc (Published in May 2011)
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.
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